October 16, 2018

Foreclosure

Accounting News Roundup: Schapiro Says Timing of Goldman Suit Not Political; Old Madoff Stomping Grounds Close to Foreclosure; IRS Launches Inquiry into Florida GOP Credit Card Spending | 04.22.10

SEC Chairman: No Heads Up on Goldman Lawsuit [WSJ]
Mary Schapiro would like everyone to know that just because they laid the smackdown on Goldman Sachs last Friday instead of, say, last year is that A) she’s still new at this job and B) the SEC does (and most certainly does not) what it wants when it wants. Even if it is an election year, the POTUS and his agenda have nothing to do with it.


“I started this job 15 months ago, in the wake of a serious financial crisis and with the view that the SEC must regulate Wall Street and vigorously enforce the securities laws. We will neither bring cases, nor refrain from bringing them, because of the political consequences. We will be governed always and only by the facts and the law.”

Lipstick on the collar [NYP]
The Post is reporting that the Lipstick Building, where Bernie Madoff had his North Pole offices is sliding ever closer to foreclosure. The report states that the Royal Bank of Canada is looking to get rid of its $210 million mortgage on 885 Third Ave.

“[T]he Lipstick Building’s problems are the direct result of having been purchased at the height of the property boom. RBC’s $210 million loan was provided as part of a complex financing structure used by Israel’s Metropolitan Real Estate Investors — led by Haim Revah and Jacob Abikzer — to pay $648.5 million for the property in 2007.”

Feds launch inquiry into Florida GOP credit-card expenses [Miami Herald]
The IRS is poking around the credit card activity by some Florida Republicans including the leading contender for its U.S. Senate, Marco Rubio. The IRS has opened a “preliminary inquiry” to determine if there is enough evidence to launch a formal investigation.

The Miami Herald and St. Petersburg Times both obtained credit card statements of Mr Rubio that reportedly include, “repairs to the family minivan, grocery bills, plane tickets for his wife, and purchases from retailers ranging from a wine store near his home to Apple’s on-line store. Rubio also charged the party for dozens of meals during the annual lawmaking session in Tallahassee, even though he received taxpayer subsidies for his meals.”

Mr Rubio insists that there “absolutely nothing to this,” and that “We don’t believe it’s income,” which sounds like some famous last words prior to a full blown IRS investigation.